Solana (SOL) Price Analysis for November 12
The cryptocurrency market is primarily in the red, with Solana (SOL) experiencing a 2% decline over the past 24 hours. SOL's price currently faces resistance at $161.14 on the hourly chart. Short-term growth to $165 is possible if the daily bar closes at or above resistance. However, on the longer time frame, low trade volume indicates a lack of market momentum, with likely sideways trading between $155-$165. The midterm outlook appears bearish, as a break below $147 support could lead to a test of the $130-$140 range. At press time, SOL is trading at $158.32.
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Market Overview
The market is mainly in the red zone today, according to CoinMarketCap. SOL/USD: The rate of Solana (SOL) has declined by almost 2% over the last 24 hours.
Short-term Analysis
On the hourly chart, the price of SOL has set a local resistance level of $161.14. However, if the daily bar closes around that mark or above it, growth may continue to the $165 area as soon as tomorrow.
Long-term Perspective
On the longer time frame, the situation appears less bullish. The rate of SOL is far from the key level, indicating that neither buyers nor sellers are prepared for a sharp move. The low trading volume further confirms this lack of energy on both sides. As a result, sideways trading within the range of $155-$165 is the most likely scenario.
Midterm Outlook
From the midterm perspective, the overall trend is bearish. If the weekly bar breaks the $147 support, the accumulated energy could be sufficient to test the $130-$140 area.
Current Trading Status
SOL is trading at $158.32 at press time.